Tax Advantages For Baby Boomers

Propositions 60 and 90
In most cases, these constitutional tax
initiatives allow senior citizens to transfer
the trended base value from their
current home to a replacement property
if certain requirements are met.
This may result in substantial tax savings.

Who Qualifies?
If you or your spouse who resides with you is age 55 or
older, you may buy or construct a new home of equal
or lesser value than your existing home and transfer
the trended base value to your new property.
This is a one-time only benefit. You must buy or complete
construction of your replacement home within two
years of the sale of the original property. Both the original
home and the new home must be your principal
place of residence. A claim must be filed within three
years of purchasing or completing new construction
of the replacement property. If a claim is filed
after the three-year period, relief will be granted
beginning with the calendar year in which the claim
was filed.
Once you have filed and received this tax relief, neither
you nor your spouse who resides with you can ever file
again. Source: Los Angeles County Assessors Office.

1You must consult with a CPA to determine any and all tax issues. All information deemed reliable, but not guaranteed.